What if my credit is less than perfect?
TDECU Mortgage offers programs for members whose credit has been impaired in the past. If you have a history of bankruptcy, late payments or other credit problems, we are here to help you determine possible financing options.
What is the difference between a fixed rate and adjustable rate mortgage?
A fixed rate mortgage provides a rate of interest that remains the same for the life of the loan. An adjustable (or variable) rate mortgage has an interest rate that adjusts periodically on the basis of changes in a specified financial index. Typically, adjustable rate mortgages start out at somewhat lower rates than fixed rate mortgages. They can fluctuate up, raising the monthly payment, or down, lowering the monthly payment, depending on the activity of the index to which they are tied. Our mortgage loan advisors can discuss the advantages of both types of mortgages to help you decide which product is best for you.
What is an APR?
These three letters stand for Annual Percentage Rate... that is the total cost on a yearly basis in interest as a percentage of the loan amount. This figure includes such items as the base interest rate, primary mortgage insurance and the loan origination fee.
What is the minimum down payment required for a home loan?
It really depends on the loan program you choose. For example, we offer a 103% financing home loan program that will allow you to finance 100% of the purchase price plus 3% of the closing costs. We offer home loans with low down payment requirements as low as 2.25%. That would be a $2,250 down payment for a $100,000 purchase price.